07 August 2006
According to new figures released by the Office of National
Statistics (ONS), almost 12 million workers, more than two-fifths
of the working population, failed to make any pension savings in
2005.
The ONS figures reveal that the number of people not making any
pension provision at all has risen by more than 13 per cent since
1997, with an increase in non-savers in every year except one. Over
the same period, the number of people in work has risen by just 8
per cent.
The analysis also reveals the people most likely not to be
making any pension provision at all are those who most need to do
so - and that the crisis is continuing to worsen.
The ONS figures indicate that between 1997 and 2005 there was a
45 per cent increase in the number of workers aged between 55 and
64 not saving for old age.
